Otter Tail Corporation $OTTR Stock Holdings Raised by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in Otter Tail Corporation (NASDAQ:OTTR) by 1,803.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,815 shares of the utilities provider’s stock after purchasing an additional 16,879 shares during the quarter. Fifth Third Bancorp’s holdings in Otter Tail were worth $1,564,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Kestra Advisory Services LLC grew its stake in Otter Tail by 6.9% in the first quarter. Kestra Advisory Services LLC now owns 9,001 shares of the utilities provider’s stock worth $790,000 after purchasing an additional 578 shares in the last quarter. Greenwood Capital Associates LLC raised its stake in Otter Tail by 35.1% during the first quarter. Greenwood Capital Associates LLC now owns 5,568 shares of the utilities provider’s stock valued at $489,000 after buying an additional 1,448 shares in the last quarter. Abel Hall LLC bought a new position in Otter Tail during the 1st quarter worth approximately $211,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Otter Tail by 1.6% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 48,935 shares of the utilities provider’s stock worth $4,333,000 after buying an additional 749 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of Otter Tail by 10.0% in the 1st quarter. Whittier Trust Co. now owns 99,012 shares of the utilities provider’s stock worth $8,767,000 after acquiring an additional 8,966 shares in the last quarter. Institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Down 0.6%

OTTR stock opened at $92.21 on Friday. The stock has a market cap of $3.87 billion, a PE ratio of 13.82 and a beta of 0.45. The firm’s 50-day simple moving average is $88.81 and its 200 day simple moving average is $87.84. Otter Tail Corporation has a fifty-two week low of $74.15 and a fifty-two week high of $95.00. The company has a quick ratio of 1.64, a current ratio of 2.04 and a debt-to-equity ratio of 0.56.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Tuesday, May 5th. The utilities provider reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.31. Otter Tail had a net margin of 21.34% and a return on equity of 15.21%. The firm had revenue of $347.03 million during the quarter, compared to analyst estimates of $339.10 million. During the same period in the previous year, the business posted $1.62 EPS. Otter Tail’s revenue was up 2.9% on a year-over-year basis. As a group, sell-side analysts predict that Otter Tail Corporation will post 5.48 EPS for the current year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were given a dividend of $0.5775 per share. The ex-dividend date was Friday, May 15th. This represents a $2.31 annualized dividend and a dividend yield of 2.5%. Otter Tail’s payout ratio is currently 34.63%.

Wall Street Analyst Weigh In

OTTR has been the subject of a number of research analyst reports. Weiss Ratings upgraded Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 11th. UBS Group reaffirmed a “reduce” rating on shares of Otter Tail in a report on Friday, May 29th. KeyCorp reaffirmed a “sector weight” rating on shares of Otter Tail in a research report on Monday, June 1st. Siebert Williams Shank lowered shares of Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price objective on the stock. in a research note on Wednesday, May 6th. Finally, Zacks Research cut shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $86.00.

About Otter Tail

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.